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The National Housing Bank Act, 1987 No

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The National Housing Bank Act, 1987 No (As modified upto July 1, 2012) The National Housing Bank Act, 1987 No. 53 of 1987 [23rd December, 1987] An Act to establish a bank to be known as the National Housing bank to operate as a principal agency to promote housing finance institutions both at local and regional levels and to provide financial and other support to such institutions and for matters connected therewith or incidental thereto. Be it enacted by Parliament in the Thirty-eighth Year of the Republic of India as follows:- 1. Short title, extent and commencement - (1) This Act may be called the National Housing Bank Act, 1987. (2) It extends to the whole of India. (3) It shall come into force on such date1 as the Central Government may, by notification in the Official Gazette, appoint, and different dates may be appointed for different provisions of this Act and any reference in any provision to the commencement of this Act shall be construed as a reference to the coming into force of that provision. 2. Definitions.- In this Act, unless the context otherwise requires,- (a) "Board" means the Board of Directors of the National Housing Bank referred to in section 6; (b) "Chairman" means the Chairman of the Board appointed under section 6; (c) "director" means a director appointed under section 6; (d) "housing finance institution" includes every institution, whether incorporated or not, which primarily transacts or has as [one of its principal objects]2, the transacting of the business of providing finance for housing, whether directly or indirectly; (e) "Managing Director" means the Managing Director appointed under section 6; (f) "National Housing Bank" means the National Housing Bank established under section 3; (g) "notification" means a notification published in the Official Gazette; (h) "prescribed" means prescribed by regulations made under this Act; (i) "Reserve Bank" means the Reserve Bank of India constituted under section 3 of the Reserve Bank of India Act, 1934; (j) words and expressions used herein and not defined but defined in the Reserve Bank of India Act, 1934, shall have the meanings respectively assigned to them in that Act; (k) words and expressions used herein and not defined either in this Act or in the Reserve Bank of India Act, 1934, but defined in the Banking Regulation Act, 1949, shall have the meanings respectively assigned to them in the Banking Regulation Act, 1949. CHAPTER II ESTABLISHMENT OF THE NATIONAL HOUSING BANK AND CAPITAL THEREOF 3. Establishment and incorporation of National Housing Bank.- (1) With effect from such date3 as the Central Government may, by notification, appoint, there shall be established for the purposes of this Act, a bank to be known as the National Housing Bank. (2) The National Housing Bank shall be a body corporate with the name aforesaid having perpetual succession and a common seal with power, subject to the provisions of this Act, to acquire, hold and dispose of property and to contract, and may, by that name, sue and be sued. (3) The head office of the National Housing Bank shall be at Bombay or at such other place as the Reserve Bank may, by notification, specify. (4) The National Housing Bank may establish offices, branches or agencies at any place in India, and with the previous approval of the Reserve Bank, at any place outside India. 4. Capital.- 4[(1) The authorised and paid up capital of the National Housing Bank shall be three hundred and fifty crores of rupees: Provided that the Central Government may, in consultation with the Reserve Bank, by notification, increase the authorised capital up to two thousand crores of rupees. (2) The Board may, on such terms and conditions, as determined by it from time to time, issue the increased authorised capital to Reserve Bank, the Central Government, scheduled banks, public financial institutions, housing finance institutions or such other institutions, as may be approved by the Central Government: Provided that no increase in the issued capital shall be made in such manner that the Reserve Bank, the Central Government, public sector banks, public financial institutions or other institutions owned or controlled by the Central Government, hold in aggregate at any time, less than fifty one per cent. of the issued capital of the National Housing Bank.] CHAPTER III MANAGEMENT OF THE NATIONAL HOUSING BANK 5. Management. - (1) The general superintendence, direction and management of the affairs and business of the National Housing Bank shall vest in the Board of Directors, which shall exercise all powers and do all acts and things, which may be exercised or done by the National Housing Bank. (2)Subject to the provisions of this Act, the Board, in discharging its functions, shall act on business principles with due regard to public interest. (3)Subject to the provisions of sub section (1) and save as otherwise provided in the regulations made under this Act, - 5[(a) the Chairman, if he is a whole-time director or if he is holding offices both as the Chairman and the Managing Director, or (b) the Managing Director, if the Chairman is not a whole-time director, or if the Chairman ] being a whole-time director, is absent, shall also have powers of general superintendence, direction and management of the affairs and business of the National Housing Bank and may also exercise all powers and do all acts and things which may be exercised or done by the National Housing Bank and shall act on business principles with due regard to public interest. (4)The Managing Director shall, in the discharge of his powers and functions, follow such directions as the Chairman may give. (5)In the discharge of its functions under this Act, the National Housing Bank shall be guided by such directions in matters of policy involving public interest as the Central Government, in consultation with the Reserve Bank, or the Reserve Bank, may give in writing. 6. Board of Directors.- (1)The Board of Directors of the National Housing Bank shall consist of the following, namely:- (a) a Chairman and a Managing Director: Provided that the same person may be appointed as Chairman and Managing Director; (b) 6[two directors] from amongst the experts in the field of housing, architecture, engineering, sociology, finance, law, management and corporate planning or in any other field, special knowledge of which is considered useful to the National Housing Bank; 7 [(c) two directors, who shall be persons with experience in the working of institutions involved in providing funds for housing or engaged in housing development or have experience in the working of financial institutions or scheduled banks; (ca) two directors elected in such manner as may be prescribed by shareholders other than the Reserve Bank, the Central Government and other institutions owned or controlled by the Central Government;] (d) two directors from out of the directors of the Reserve Bank; (e) three directors from amongst the officials of the Central Government; (f) two directors from amongst the officials of the State Government. (2) The Chairman, the Managing Director and other directors 8[excluding the directors referred to in clauses (ca) and (d)], shall be appointed by the Central Government in consultation with the Reserve Bank and directors referred to in clause (d) shall be nominated by the Reserve Bank. 7. Term of office of Chairman, Managing Director and other directors, service conditions, etc.- (1) The Chairman and the Managing Director shall hold office for such term, not exceeding five years and shall receive such salary and allowances and be governed by such terms and conditions of service as the Central Government may, in consultation with the Reserve Bank, specify and shall be eligible for re-appointment: Provided that the Chairman or, as the case may be, the Managing Director shall, notwithstanding the expiration of his term, continue to hold office until his successor enters upon his office. (2) The directors referred to in 9[clauses (b), (c) and (ca)] of sub-section (1) of section 6 shall hold office for a term of three years: 10 [ * * * * * * * * * *] (3) The Central Government may, in consultation with the Reserve Bank, remove the Chairman or the Managing Director, or any other director referred to in sub-section (2), at any time before the expiry of his term of office after giving him a reasonable opportunity of showing cause against the proposed removal. (4) Notwithstanding anything contained in sub-section (1) and (3), the Central Government, in consultation with the Reserve Bank, shall have the right to terminate the term of office of the Chairman or, as the case may be, the Managing Director, at any time before the expiry of the term specified under sub-section (1), by giving him notice of not less than three months in writing or three months' salary and allowances in lieu thereof and the Chairman or the Managing Director, as the case may be, shall also have the right to relinquish his office at any time before the expiry of the term specified under sub-section (1), by giving to the Central Government notice of not less than three months in writing or three months' salary and allowances in lieu thereof. (5) The directors shall be paid such fees and allowances as may be prescribed for attending the meetings of the Board or of any of its committees and for attending to any other work of the National Housing Bank: Provided that no such fee shall be payable to any director, who is an official of the Government or a director of the Reserve Bank. 8. Disqualifications.- No person shall be a director of the Board, if he- (a) is, or becomes of unsound mind and has been so declared by a competent court; or (b) is or has been convicted of any offence which, in the opinion of the Central Government, involves moral turpitude; or (c) is, or at any time has been, adjudicated as insolvent or has suspended payment of his debts or has compounded with his creditors; or (d) has, for any reason, been removed or dismissed from the service of - (i) the Government, or (ii) the Reserve Bank, the State Bank or any other bank, or (iii) any public financial institution, or state financial corporation,or (iv) any other corporation owned or controlled by the Government.
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